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Chicago & Midwest  + Greater Chicagoland  + Retail  |  June 28, 2022
Net Lease Cap
Paul Bubny
By: Paul Bubny

Walgreens Nixes Sale of Boots HBA Chain Amid “Market Instability” 

Walgreens Boots Alliance (WBA), the Deerfield, IL-based holding company, said Tuesday it had decided to retain its Boots and No7 Beauty Company businesses following a strategic review. The company, which first broached the idea in January of selling the U.K.-based Boots health and beauty chain and concentrating on North America, cited “unexpected and dramatic change” in the global financial markets since then. 

“As a result of market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots and No7 Beauty Company,” WBA said in a statement. “Consequently, WBA has decided that it is in the best interests of shareholders to keep focusing on the further growth and profitability of the two businesses.” 

Bloomberg News reported that the front-running consortium led by Reliance Industries and Apollo Global Management offered less than the £7 billion Walgreens initially sought. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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